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Gold Prices Slightly Rise This Morning (29/4), Investors Await The Fed Signal

Gold prices mostly stable at the start of Asian trading as investors await comments from Federal Reserve Chair Jerome Powell to assess the impact of the Iran war on the economy amid stalled peace negotiations.

Wednesday (29/4/2026) at 08:30 WIB, spot gold prices rose 0.1% to US$ 4,598.45 per troy ounce, after falling to the lowest level since April 2 in the previous session.

Similarly, gold futures for June 2026 delivery increased 0.1% to US$ 4,612.1 per troy ounce.

Market sentiment for gold still stems from the Middle East. Efforts to end the Iran conflict have stalled because U.S. President Donald Trump is unhappy with Tehran’s latest proposal, which he claims has informed the U.S. that the country is in a "state of collapse" and is seeking solutions to its leadership situation.

On the other hand, investors expect the Fed to keep interest rates steady at the conclusion of its two-day meeting ending today.

Investors will also focus on other central bank decisions this week, including those from the European Central Bank, Bank of England, and Bank of Canada.

China, the world’s largest gold consumer, imported a net 47,866 metric tons of gold in March from Hong Kong, up from 46,249 tons in February, according to data from Hong Kong’s Census and Statistics Department released on Tuesday (28/4/2026).

Energy prices are expected to surge 24% in 2026 to the highest level since Russia’s full-scale invasion of Ukraine four years ago if the most acute disruptions caused by the Middle East war end in May, the World Bank said on Tuesday.

Oil prices closed nearly 3% higher on Tuesday amid ongoing concerns about supply constraints from the larger closure of the Strait of Hormuz, outweighing concerns about the United Arab Emirates’ decision to leave OPEC and the broader OPEC+ group.